What are the RBI’s revised bank locker rules? Check Full Details
By Lokmat English Desk | Published: February 28, 2023 10:56 AM2023-02-28T10:56:10+5:302023-02-28T10:56:10+5:30
Next 
The Reserve Bank of India (RBI) has amended the bank locker rules, which include providing customers with updated locker agreements. The rules took effect from January 1, 2023.
As per an RBI notification, the agreements must follow the model drafted by the Indian Bank Association (IBA).
“Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements. Further, the terms of the contract shall not be more onerous than required in the ordinary course of business to safeguard the interests of the bank,” the notification on August 18, 2021.
It also asked the banks to renew their customer locker agreements by January 1, 2023.
These guidelines are applied to not only new safe deposit lockers but also to existing safe deposit lockers and other bank facilities.
To adhere to these guidelines by the apex bank regulator, RBI, banks all over the country ought to renew their agreements with the locker users, latest by January 1, 2023. Post these amendments, the lockers must come to an agreement with the customers. The agreement must be made on duly stamped paper. One copy of the agreement must be given to both parties.
